TAMPA — Shares in WellCare HealthPlans surged to an all-time high Tuesday after the Tampa-based managed health care company said its third-quarter profits more than doubled.
The company posted net income of $171.6 million, or $3.82 per share, for the quarter, up 148 percent per share from a year ago and far exceeding analyst estimates of $1.91 per share.
"Our strong third quarter results reflect our continued focus on executing on business fundamentals and our growth strategy," Ken Burdick, WellCare CEO, said in a release. "All three of our business segments produced premium revenue and membership growth, driven by organic growth and acquisitions."
In the same period in 2016, the company posted $68.6 million in net income. Revenues were $4.4 billion for the quarter, up from the year-ago quarter of $3.6 billion.
WellCare stock rose 9 percent Tuesday to close at $197.74, up $16.56 a share.